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NATIONAL COMPANY LAW APPELLATE TRIBUNAL
Barun Mitra, Member (Technical)
Shri Madhukar Shetty Ex-Director of Genesis Resorts Pvt. Ltd. – Appellant
Versus
BANK OF BARODA Zonal Stressed Assets Recovery Branch – Respondent
| Table of Content |
|---|
| 1. introductory facts regarding the appeal filed under ibc. (Para 1 , 2) |
| 2. arguments on alleged valuation irregularities and process concerns. (Para 5 , 10 , 11 , 18) |
| 3. court observations on adherence to ibc regulations and validation of valuation. (Para 6 , 8 , 9 , 12 , 14 , 16 , 19 , 20) |
| 4. final decision rooted in the non-reviewability of coc's commercial wisdom. (Para 17 , 21 , 22 , 23) |
| 5. conclusion and dismissal of the appeal. (Para 24) |
JUDGMENT
[Per: Barun Mitra, Member (Technical)]
The present appeal filed under Section 61 of Insolvency and Bankruptcy Code 2016 (‘IBC’ in short) by the Appellant arises out of the Order dated 20.12.2023 (hereinafter referred to as ‘Impugned Order’) passed by the Adjudicating Authority, National Company Law Tribunal, Mumbai Bench-I in IA-1177/2021 and IA-1768/2021 in CP (IB) No. 2445 of 2019. By the impugned order, the Adjudicating Authority approved the resolution plan of the Successful Resolution Applicant (‘SRA’ in short) filed by the RP vide I.A. 1177/2021 and dismissed the I.A. 1768 of 2021 filed by the ex-Director of the Corporate Debtor objecting to the approval of the resolution plan of the SRA. Aggrieved by this order, th
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